Mattingly "AI & Prompt Design: The Basics of Prompt Design"
Quantitative Legal Prediction - Presentation @ Santa Clara Law - By Daniel Martin Katz
1. Quantitative Legal Prediction
Professor Daniel Martin Katz
Illinois Tech - Chicago Kent College of Law
-Or- How I Learned to Stop Worrying and Start Preparing
for the Future of the Legal Services Industry)
@computationaldanielmartinkatz.com computationallegalstudies.com
2.
3. My is Lab Focused Upon
Support the R&D for the
Legal Services Industry
5. My Research Group is
Actively Engaged in
Research that is Relevant
to Developing
Future
Legal/Govt
Information
Products
6. Here Are a Few
Things from Our Lab
3D HD Visualization of Supreme
Court Citation Network
Campaign Contributions and
Legislative Ecosystems
Six Degrees
of
Marbury
v.
Madison
Electronic
World
Treaty
Index
The United States Code
7. Here Are a Few
Things from Our Lab
American
Federal
Judiciary
American
Law Professoriate
Building New Algorithms
Large Scale
Judicial Studies
16. poison pill - “the most important innovation in corporate law since
Samuel Calvin Tate Dodd invented the trust for John
D. Rockefeller and Standard Oil in 1879”
(2) lawyers as innovators - substance
17. emerging areas - 3D Printing, Driverless Cars, Augmented Reality,
Data Breach, Big Data+Privacy, etc.
Drones, Internet of Things, CyberSecurity,
(2) lawyers as innovators - substance
50. Quantitative Legal Prediction
Daniel Martin Katz
Michigan State University - College of Law
-Or- How I Learned to Stop Worrying and Start Preparing
for the Future of the Legal Services Industry)
51. Today I Would Like to
Sketch (In Part)
Where I Believe the
Legal Industry
is Heading
57. This is the Era of “Big Data”
Decreasing Data Storage Costs
Increasing Computing Power
Fundamentally Altering the Scope of Scientific Inquiry
and Technical Possibility
73. Erik Brynjolfsson is the Schussel Family
Professor at the MIT Sloan School of
Management , Director of the MIT
Center for Digital Business, Chair of
the MIT Sloan Management Review ,
and the Editor of the Information
Systems Network
Andrew McAfee, a principal research
scientist at MIT’s Center for Digital
Business, studies the ways that
information technology (IT) affects
business.
86. “Practically every financial transaction, from
someone buying a cup of coffee to someone
trading a trillion dollars of credit default
derivatives, is done in software ....
Health care and education, in my view, are
next up for fundamental software-based
transformation. My venture capital firm is
backing aggressive start-ups in both of these
gigantic and critical industries.
We believe both of these industries, which
historically have been highly resistant to
entrepreneurial change, are primed for tipping
by great new software-centric entrepreneurs ...
Companies in every industry need to assume
that a software revolution is coming.”
117. 100
Lawyers
70
Lawyers
10
Law
+
Tech
5
Tech
+
Law
70
Lawyers
in
‘Safe’
Employment
30
Lawyers
in
Employment
Susceptible
to
Automation
85
Lawyers/Legal
Service
Jobs
30%
Reduction
in
Traditional
Law
Jobs
15%
Reduction
in
Law
Related
Employment
Arbitrage
Opportunities
For
Helping
Move
Across
the
Spectrum
118. 30%
Reduction
in
Traditional
Law
Jobs
15%
Reduction
in
Law
Related
Employment
Arbitrage
Opportunities
For
Helping
Move
Across
the
Spectrum
100
Lawyers
70
Lawyers
10
Law
+
Tech
5
Tech
+
Law
70
Lawyers
in
‘Safe’
Employment
30
Lawyers
in
Employment
Susceptible
to
Automation
85
Lawyers/Legal
Service
Jobs
237. Legal Supply Chain Mgmt.
(High End of Market)
Data and Logistics =
General Counsels as
Maestros managing the
global legal supply chain
238. General Counsels as Legal
Procurement Specialists
TyMetrix -
Using $50 billion+ in Legal
Spend Data to Help GC’s
Look for Arbitrage
Opportunities, Value
Propositions in Hiring Law
Firms
Legal Procurement
(High End of Market)
239. Driving Down your
Legal Bills
Yeah there is an
App for That
City
Firm Size
Partner
Experience
Calculate
Legal Procurement
(High End of Market)
http://tymetrix.com/mobile_apps/
291. “The software
identifies standard
and terms in
contracts, and its
benchmarking
tools show
lawyers how their
current document
compares to the
standard.”
296. The system comes pre-trained
for provisions including:
Title, Parties, Date, Term, Change of
Control, Assignment, Indemnity,
Confidentiality, Governing Law,
License Grant, Bankruptcy, Notice,
Amendment, Non-Solicit, and more.
297. Based on testing, we know our system finds
90% or more of the instances of nearly
every substantive provision it covers.
This 90% number is our system’s recall;
its precision differs by provision by
provision but is consistently very
manageable.
298. We are able to build custom provisions on
request. Thanks to our highly customized
training algorithms, this process is easy and
relatively automated. We are also engaged
in adding more provisions.
313. R e p o r t e d s a l e
price between $35
million and $40
million.
Final Number was
likely between
$80 - $100 million
A n u m b e r o f
venture capitalists
have invested in
t h e c o m p a n y ,
including Silicon
Valley’s Sequoia
C a p i t a l w h i c h
invested $7 million
in 2007 ....